You are here

Hess selling Russia business to Lukoil for $1.8B - 0 Comments

NEW YORK — Hess Corp. said Monday that it agreed to sell its Samara-Nafta division in Russia to OAO Lukoil, the second-largest oil company in Russia, for proceeds of $1.8 billion as it continues to sell off assets.

Samara-Nafta produces 50,000 barrels of oil a day in the Volga-Urals region. Hess has a 90-percent stake in the business and said the deal values Samara-Nafta at $2.05 billion. Lukoil added that Samara-Nafta has about 85 million tons of oil reserves.